Main reasons to start your Chalfont St Peter lease extension

Main reasons to commence your Chalfont St Peter lease extension today:

A Chalfont St Peter lease depreciates with the years remaining on the lease.

The value of Chalfont St Peter leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase materialy once the remaining term is less than 80 years

Chalfont St Peter property with a lease extension has roughly the same value as a freehold

It is generally considered that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not issue a mortgage on a short lease

Lenders are really restricting their approach as regards to properties in Chalfont St Peter with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you wanted to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus restricting the amount of prospective purchasers.

Get in touch with one of our Chalfont St Peter lease extension solicitors or enfranchisement solicitors

Using our service gives you better control over the value of your Chalfont St Peter leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Chalfont St Peter Lease Extension Example Cases:

Jonathan, Chalfont St Peter, Buckinghamshire

Half a year ago Jonathan, started to get near to the 80-year threshold with the lease on his one bedroom flat in Chalfont St Peter. Having purchased his flat two decades ago, the lease term was of minimal concern. Fortunately, he became aware that he needed to take steps soon on Extending the lease. Jonathan was able to extend his lease at the eleventh hour last September. Jonathan and the landlord ultimately agreed on the final figure of £6,000 . If he not met the deadline, the price would have increased by a minimum £900.

Chalfont St Peter case:

Ms Madeleine King was assigned a lease of a garden apartment in Chalfont St Peter in April 2007. We are asked if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Similar flats in Chalfont St Peter with an extended lease were valued about £210,000. The average ground rent payable was £50 invoiced quarterly. The lease finished on 4 March 2106. Given that there were 80 years remaining we estimated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 not including expenses.